Atlas Magazine October 2007

Monte-Carlo 2007, SCOR's consecration

Characterized as the business' worldwide event, the Monte-Carlo rendez- vous has proved to be the mandatory stage of the insurance pre season. It is the venue where the market's first trends are traditionally outlined.

All the business leaders rush to this meeting, aware that even in the absence of decision making; attendance is an absolute must for those wishing to get an overview of what is lying ahead.

However, the recent editions, especially the 2007 one have been strangely marked by a mood of unease among quite a few members. This feeling of weariness is such that some are questioning the mere usefulness of the meeting.

The first sign of this disenchantment is the decline in turnout. The delegations of the major international companies are less and less consistent. As to reinsurers, given the constraints of globalisation, their number is dwindling down. Some regions of the world are no longer represented in the meeting such as Sub-Saharan Africa, Latin America, Asia and the Middle East whose participation is limited to some brokers and regional reinsurers.

The tourist and social dimension of the event seems to be taking over genuinely professional activities. In the absence of any other salient fact, it is the celebration, with great pomp, of Converium takeover by SCOR that has been in the spotlight of the 2007 edition.

Nonetheless, Monte-Carlo shall not be characterized as a useless meeting since we have been informed that the market will remain smooth, that every one should be expecting some tariff cuts except for some third party liability classes of business including the motor one.

In brief, not much of a novelty happening in Monaco's neighbourhoods.

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